Hong Kong stocks gain further in longest rally since Jan 2018
By Summer Zhen
HONG KONG, May 3 (Reuters) -Hong Kong stocks rise further on Friday, as market sentiment continued to improve, buoyed by China's stepped-up efforts to boost the economy.
The Hang Seng Index .HSI climbed 1.1% by midday, on track for a ninth consecutive day of gains and on its the longest winning streak since January 2018.
Chinese markets are closed for holidays from May 1-3.
China's politburo statement at the end of April "indicates a stronger commitment to a pro-growth and pro-reform policy agenda," said Jason Lui, head of APAC Equity and derivative strategy, BNP Paribas, adding the firm is upgrading their view on the MSCI China index .dMICN00000PUS.
Meanwhile, UBS says global hedge funds that use an equities long-short strategy are growing increasingly bullish on China, evidenced by the heavy pick-up in their purchases of Hong Kong-listed shares.
** By midday break, Chinese H-shares listed in Hong Kong .HSCE rose 1.29% to 6,520.05, while the Hang Seng Index .HSI was up 1.14% at 18,413.79.
** The sub-index of the Hang Seng index tracking energy shares .HSCIE rose 0.8% while the IT sector .HSCIIT rose 1.6%. The top gainer on the Hang Seng was NetEase Inc 9999.HK, up 4.53%, while the biggest loser was WuXi AppTec Co Ltd 2359.HK, which was down -5.82%.
** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS was firmer by 1.00% while Japan's Nikkei index .N225 was down 0.10%.
Reporting by Summer Zhen; Editing by Rashmi Aich
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